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An alphabetical list of Cullumber Company adjusted accounts at its fiscal vear end, August 3 1 , 2 0 2 4 , follows. All accounts

An alphabetical list of Cullumber Company adjusted accounts at its fiscal vear end, August 31,2024, follows. All accounts have normal balances.Accounts payable15,500Notes payable542,000Accumulated depreciation-equipment14.000Prepaid insurance575Accumulated depreciation-furniture17,500R. Williams, capital65,750Cash14,000R. Williams, drawings77,000Cost of goods sold270.435Rent expense24,900Depreciation expense7,000Salaries expense50,600Equipment35.000Salaries payable2,250Furniture42,000Sales466,000Insurance expense3,573Sales returns and allowances19,000Interest expense3,705Supplies950Interest payable615Supplies expense6,325Merchandise inventory71,150Unearned revenue2,600Additional information:1. Of the notes payable, $6,100 becomes due on February 17,2025. The balance is due in 2026.2. On July 18,2024, R. Williams invested $3,800 cash in the business.Prepare a statement of owner's equity. (List item that increases Owner's Equity first.)
CULLUMBER COMPANY
Statement of Owner's Equity
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Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Equipment and
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